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What is XYZ Federal income tax liability

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Reference no: EM131826001

Question - Company ABC, is an exempt medical organization. XYZ, Inc., a sporting goods retailer, is a wholly owned subsidiary of Company ABC. Company ABC inherited the XYZ stock last year from a major benefactor of the medical organization. XYZ's taxable income is $550,000. XYZ will remit all of its earnings, net of any taxes, to Company ABC to support the exempt purpose of the parent.

What is XYZ's Federal income tax liability?

Reference no: EM131826001

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